Acquisition of Les Manufactures Horlogères SA Completed

08 DEC 2000

Further to the announcement of 21 July 2000, Richemont is pleased to announce that, following receipt of the necessary regulatory approvals, it has completed the acquisition of Les Manufactures Horlogères SA ("LMH") from Mannesmann AG. The transaction consideration amounted to approximately SFr 2.8 billion.

LMH owns three luxury watch businesses, namely 60 per cent of Jaeger-LeCoultre, 100 per cent of IWC and 90 per cent of A. Lange & Söhne.

Richemont acquired the remaining 40 per cent interest in Jaeger-LeCoultre in July of this year.